Korean Banks Participate in Government-Initiated Blockchain Project

Asia Blockchain Review
November 2, 2019
Korean Banks Participate in Government-Initiated Blockchain Project

Another four large institutions in South Korea have announced that they will be joining a government-backed blockchain project that will let users store and share personal identification data using a decentralized platform.

More Support for Blockchain Identification System

According to CoinDesk, Shinhan Bank, NH Bank, as well as payment processors BC Card and Hyundai Card are now participating in the program.

Previously announced in July 2019, the project is called the Initial DID Association and now has a total of 11 organizations joining its initiative — including mobile service providers SK Telecom, KT and LG U+; IT firm Koscom; and major firms Samsung Electronics, KEB Hana Bank, and Woori Bank.

The blockchain project is supported by Korea’s Ministry of Science and ICT and the Korea Internet & Security Agency (KISA). It aims to develop a system where users can access their ID stored on blockchain for online transactions and to verify credentials.

Exploring Uses for Decentralized Technology

The project will initially be utilized to process certificates at six Korean higher educational institutions and for test scores. Then, the blockchain ID initiative will be used for loan application submissions, with the overall system to be fully operational in 2020.

In South Korea, many private and public organizations are experimenting with decentralized technology and exploring use cases for blockchain. Recently, the Korea Financial Telecommunications and Clearings Institute (KFTC), an organization overseeing payment settlements, revealed that it aims to introduce its own blockchain-enabled mobile ID solution to be operational within October 2019.

Source: https://www.coindesk.com

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